Revolution Beauty’s problems deepen as boss Adam Minto quits amid accounts probe
Revolution Beauty was thrown into deeper chaos as its founder and chief executive stepped down amid a probe into its accounts.
The beleaguered make-up brand, backed by Boohoo, said Adam Minto quit ‘with immediate effect’ over issues that have emerged since last summer’s stock market listing.
Minto, who set up the firm in 2014 and is its biggest shareholder with a 15.8 per cent stake, had already stepped back from the day to day running of the business over the accounting probe.
Facing the music: Revolution Beauty boss Adam Minto with singer Alexandra Burke
Co-founder and chairman Tom Allsworth also stepped back.
Law firm Macfarlanes and consultants Forensic Risk Alliance are investigating Revolution after auditor BDO raised ‘serious concerns’ over its inability to publish a report for its latest financial year.
Revolution’s accounts did not provide sufficient evidence for claims in key areas, BDO said.
Revolution shares were suspended in September.